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TURKEY: Current Account Deficit Widens, Unemployment Rate Edges Lower

TURKEY
  • Turkey’s current account deficit widened to $5.285bn (Est: -$6.10bn) in April from a revised -$4.427bn in March, according to the Central Bank of Turkey. That marks the widest the deficit has been since July 2023.
  • Meanwhile, Turkey's adjusted unemployment rate fell to a fresh multi-year low of 8.5% in April from 8.6% in March, while calendar adjusted industrial production fell 0.7% y/y (Est: +2.0%).
  • Although tight monetary policy and macroprudential measures have reduced the growth rate in credit cards to 50%, debt has started to worry the sector, Ekonomi report. The ratio of overdue debt to total individual credit-card balance exceeded historical averages, at 22.9%, and banking sector sources have told the newspaper that close monitoring of credit card debts has increased.
  • Turkish Exporters’ Assembly President Mustafa Gultepe said he believes the requirement to park part of export proceeds at the central bank will be completely abolished in the near future, Hurriyet report.
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